Impending Increase in the Cost of Fuel

RMI Petrol Retailers' Association (PRA) warn of increase

The RMI Petrol Retailers' Association (PRA), which represents independent forecourts across the UK, has warned road users of an impending increase in the cost of fuel due to a huge rise in the price of oil.

The price of Brent Crude oil increased 10% in the last two weeks to US$116 a barrel.

While the UK has been absorbed by two weeks of Olympic excitement, there has been no positive resolution to the geo-political tensions impacting supplies of crude oil from Iran and Syria.

Meanwhile a US-led seasonal demand surge for road fuel is said to have encouraged new speculation by traders.

Shippers report a 10-month high in the volume of gasoline being moved from Europe to the US.